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Acting manager Matt Taylor has been working there for the past 15 years.

He said: “The team and I at the cinema are excited about the news today, although in practice there won’t be any changes at the cinema.

“We realise some of our customers may be concerned that the programme of films or the unique experience that the Phoenix offers may change, but I can assure them that we will continue to be the Phoenix that they know and love for many years to come.”

Last year Picturehouse made sales of £30m, and a pre-tax profit of £2.5m.

Ultimate Picture Palace owner Becky Hallsmith bought her cinema in May this year from the previous owners, who said they were “exhausted” by it.

Ms Hallsmith said: “I suspect we will pick up the trade of people who like to go to independent cinemas, which is strong in Oxford.

“I would never sell out to Cineworld, the reason I bought the UPP is because I was worried a chain might buy it.

“I am very surprised, I thought their ethos was that they had an independent bent.” She added: “We are nowhere near any profit, I am throwing money into the place, but turnover is improving. We are now the last bastion of independence.”

Gary Smith, owner of Truck Store, has been going to the Phoenix since he moved to Oxford in the early 1990s.

He said: “The Phoenix is an Oxford institution, it has always supported the local music and local films like Anyone Can Play Guitar.

“When everyone else was watching the Olympics I was watching Searching for Sugar Man with about 15 people.